Pier 1 Imports, Inc. Reports First Quarter Fiscal 2019 Financial Results

First Quarter Fiscal 2019 Summary
• Company comparable sales decreased 8.2%;
• Net sales decreased 9.2% to $371.9 million;
• Net loss of $28.5 million, or ($0.36) per share, better than Company guidance; and
• Management unveiled its three-year strategic plan, Pier 1 2021: A New Day.

“We unveiled our three-year strategic plan in April 2018, at which point we laid out our expectations for the first quarter, full year fiscal 2019 and our overall three-year plan. Our first quarter performance was in line with those expectations,” said Alasdair James, President and CEO. “One quarter into our three-year journey, we are on track with execution and preparing for the re-launch of the Pier 1 brand this fall. Our teams are focused on strengthening our value proposition through refreshed merchandise assortments and sharper pricing; creating a more compelling shopping experience through enhanced merchandising and messaging; and developing dynamic marketing programs to support our new brand positioning – ‘Pier 1: This is me’.”

First Quarter Fiscal 2019 Results of Operations

Net sales for the first quarter of fiscal 2019 decreased 9.2% to $371.9 million, compared to $409.5 million for the first quarter of fiscal 2018. Company comparable sales decreased 8.2% versus the year-ago period. The Company operated 997 stores at the end of the quarter, a decrease of 19 from the first quarter of fiscal 2018.

Gross profit for the first quarter of fiscal 2019 totaled $120.1 million, or 32.3% of net sales, compared to $151.6 million, or 37.0% of net sales, for the first quarter of fiscal 2018.

Selling, general and administrative (“SG&A”) expenses for the first quarter of fiscal 2019 were $138.6 million, or 37.3% of net sales, compared to $140.2 million, or 34.2% of net sales, for the first quarter of fiscal 2018. The following table details the breakdown of SG&A expenses for the first quarter of fiscal 2019 as compared to last year (in millions).
more detail at: https://investors.pier1.com/news-releases/news-release-details/pier-1-imports-inc-reports-first-quarter-fiscal-2019-financial

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